The Executive Chairman of the Nigeria Revenue Service (NRS), Zacch Adedeji, has dismissed as false reports alleging that $279 million from the Frontier Exploration Fund was illegally transferred to undisclosed accounts.
The reports had claimed that the funds were moved from the Frontier Exploration Fund account to unnamed accounts and alleged that Adedeji and the NRS were aware of the purported transaction.
The reports further suggested that the alleged movement of funds had placed Adedeji under pressure, with some stakeholders reportedly demanding a forensic audit of the Fund’s accounts.
But the NRS chairman has rejected the allegations, describing the reports as fabricated and sponsored.
Adedeji: Report is ‘pure fake news’
Reacting to the allegations, Adedeji said there was no truth whatsoever in the report, accusing unnamed individuals of deliberately attempting to discredit him and the administration of President Bola Ahmed Tinubu.
“That report is not true in any way. It is pure fake news sponsored by some jobless persons whose pastime is to throw mud at high performers in the President Tinubu government,” he said.
The NRS boss also criticised the quality of the reports, describing them as lacking professional and ethical standards.
“I consider it to be a brand of cheap journalism lacking in ethics and professionalism but heavy with malicious intentions,” Adedeji said.
He argued that the similarities in the language and presentation of the reports indicated that they originated from the same source before being circulated across various online platforms.
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“To prove to you that it was sponsored, take a critical look at the storyline and language. They are the same language and style in all the reports, meaning that one person wrote it and distributed across gullible online platforms,” he added.
NRS boss explains purpose of Frontier Fund
Adedeji also said the allegations demonstrated what he described as a lack of understanding of the purpose and disbursement process of the Frontier Exploration Fund.
He explained that the Fund was established under Section 9 of the Petroleum Industry Act (PIA) 2021 to support petroleum exploration activities in frontier basins where commercially viable hydrocarbon reserves had not yet been fully established.
According to him, the Fund is designed to finance activities necessary to determine the petroleum potential of areas considered to be frontier basins.
These areas include the Bida, Benue Trough, Anambra, Chad, Sokoto and Dahomey Basins.
What the Fund is designed to finance
Adedeji said resources from the Fund are intended to support a range of exploration activities, including geological mapping, seismic surveys, exploratory drilling, appraisal wells and basin studies.
Other eligible exploration activities are also covered by the Fund, he said.
The explanation comes against the backdrop of Nigeria’s efforts to expand petroleum exploration beyond the country’s established oil-producing regions.
Frontier basins have historically attracted interest because of their potential to unlock additional hydrocarbon reserves, although commercial viability in several of the areas remains subject to further exploration and technical assessment.
Adedeji’s denial therefore places the alleged $279 million transfer at the centre of a dispute over the management and interpretation of the Frontier Exploration Fund.
While the NRS chairman has described the reports as false and malicious, he did not indicate that a forensic audit had been initiated or disclose further details of the Fund’s current financial position.
The NRS chief maintained that the allegations were unfounded and challenged the reports’ credibility, insisting that the Frontier Exploration Fund operates within the framework established by the Petroleum Industry Act.